CreditMarket Mortgage Index went up to 24.14% - up 0.01% (effective rate per annum, in UAH). The information is as of 18 April 2012.

Denis Rakovsky, Sales Director at KreditMarket: “We carried out an extraordinary measurement of CreditMarket Mortgage Index as six banks at a time from our index list (Ukrsotsbank, Erste, Credit Agricole, VTB, Credobank and Astra-bank) changed their terms and conditions for this crediting type, at the second decade of April. Particularly, Astra-bank increased its credit accommodation fee; VTB, Erste and Ukrsotsbank raised a nominal annual interest on cash loans, and Sberbank of Russia and OTP reduced this value. Nevertheless, numerous changes have not resulted in significant fluctuations in the mean effective rate on mortgage loans; it increased by just 0.01% - to 24.14%. In the short term, we cannot see any prerequisites for a significant modification in the current value of the index, as the cost of long-term hryvnia resources is not expected to decrease substantially, at present.”

Information

CreditMarket Mortgage Index is calculated on the basis of loans granted at 70% of a purchase price of secondary market apartments for the term of 10 years. Promotional offers and credit on forfeited pledge excluded. The redemption scheme is annuity, or in case of no proposals – a serial loan. Currency – UAH. Principal is up to UAH400, 000 (the cost of an apartment – UAH571,500).